The Press., 1887-10-13
anothor Calamity to stafford.

of the Stafford National Bank had bC el charged by Bank Examiner Forman of Illinois with embezzlement of the banks funds, and was about to be taken to Nor wich for examination before U. s. Com missioner Penney. The news was as- founding ]! Few would credit it until re- assured and compelled to reluctantly ac- cept the statement. MT. Forman Visited the bank some two weeks ago, and claimed then to have founds cause for suspicion that all was not right. He came again on Tuesday of this week., and as the result of further examination wired the controller of the currency at Washington for instruc- tion, and as a resut,U 8. District Attor- uey Stanton of Hartford. and U. s. Marsh al Bates of Norwich came on Wednesday, and Mr. Hicks was directly charged with embezzlement and with having falsifed his accounts. He mdde admission of hav- ing used some of the banks funds, and of- fered to give good and sufficient guarantee for full restitution to the bank. MT. For man insisted on pressing the matter to its fullest extent, preferring criminal charges and allowing no talk of restitution. MT.
 Hicks and wife went to Norwich before the officers, where arrangements were
 made for continuance until Oct. 24th, bail for his appearance being given in the sum of $4O,OOO by Messrs M. A. Marcy and Radcliffe Hicks Mir. Hicks left Nor
 wich for Hartford, and we hear IS expected by his friends to return to Stafford Springs on Friday evening. .-... *.:~ s The amount of defalcation was first esH- mated by Examiner Forman to to be about $73, GOO. He now puts it at some over $90, 900, with possibility of further
 increase even to $16O, 900, though this is only an unlocked for possibility. To say that the town and village is dazed and ,thunderstruck over the calamity is to put it weakly. The financial loss, great as l it is, was at first hardly spoken of-o1ly expressions of sorrow at the occurrence. We do not need to tell the readers of this paper how valued a man Mir. Hicks had been in this community. A man of enter
 prise, great executive ability, capable of l looking after each trivial detail of dozen matters in hand at the same time, far see- ing, and withal public spirited, warmly in- l terested in his town, and willing to help
 in building up and beautifying it, whether financially benefited or not. All had con- fidence in his good judgment and good management. Combined with. this he was willing to work whether in control or not.
 His interest has not come from self glorif- cation. He shrank from praise, and was always averse to being given in print the credit which was his due, while at the same time extremely sensitive to criticism. He was.a native of Holland, and came to Stafford Springs to assume the clerkship of the bank in 1870, when but 21 years of age. He showed great judgement, and towns people believed in him most thor oughly, and no people on the fair ground on Wednesday were so averse to believing the terrible news as those from Holland. who had known him from boyhood up. It is therefore not SC, strange that the direct ors of the bank and other associates, who so we'll knew of his superiority as inan- cier, and his good record from boyho6d up, came more and more to leave matters in his hands.
 It is easily seen, then, inc rest of the story. MT. Hicks became engaged in, lum- Der business in Vermont, through the em- barassment of a firm which the bank had aided. The bank officers did not want to assume the property, and he took it. If
 was losing speculation. Beyond this is mere conjecture, but the public theory is
 tn It he tried speculation to retrieve losses,
 with his own money at first, then with le- gitAmabe loanss and so on to the end. It 1 is the old story and proves the cruelty of lea&ing any one man, be he ever so honest,
 to the custody of, and opportunity to use trust funds, even after establishing rep utation of the very best.
 Mr. Hicks was also treasurer of the Stafford Savings Bank. It Is confidently hoped at this writing that the loss of the institution will be limited to the deprecia- ton of Stafford National Bank stock own- ed by it, some $55, ,OOO in amount. The state bank commissioners were busy on Thursday, and will be until this week is done, Investigating into the condition of the affairs of the Savings Bank. 0. l.. Dean of Boston, director of the Nation al Bank, read the astounding news on Wednesday evening while at Syracuse, N. Y, and came at once to Stafford Springs, spending Thursday in consultation with officers and examiners. He will give per sonal attention to the matter until settled being one of the oldest directors.
 Mr. Hicks had resigned his office as sec- retary and treasurer of the Savings Bank, and MT. Hall, the president, also declining to act in this emergency Saying that he had never acted as president, and had no- tfied MT. Hicks that he could not serye), , 8 meeting of the directors on Thursday chose W. NJ. Corbin, the senior vice. -presi- dent, president pro tenn, and James Risley secretary protem, and instructed them to call meeting of the directors to fill the vacant places. ...
 The state bank commissioners, after careful examination, are of opinion that the loss to the Savings Bank will not so impair assets as to make the appointment of receiver necessary, but that it is in condition to go if the corporators and di- rectors shall so decide. The present di- rectors are Of opinion that if continued it will be best to disconnect it from any na- tional bank. It is now confidently hoped that its only loss will be the extent to which the 528 shares it holds of the Staff ford National Bank may be shrunken in value, and for the present purposes these are reckoned as valueless, though certain to be realized from to some extent.
 We hope it may prove that the newspa, per reports of the extent of loss by the Ma tional Bank are as much exaggerated as its IS certain that those of the Savings Bank have been. The writer speaks in this case from knowledge, having been much of the time for the last two days engaged in work upon the accounts of the Savings Bank. It is believed that the worst IS now know n, and full statement will soon be made to all interested. I
 On Thursday night W. M Corbin, vice.